LETTER OF OFFER - TakeoverCode.com

allotment. Further, Acquirer has not acquired either directly or through any other person, any
shares of JRL after the date of PA.
e) The equity shares of JRL are to be acquired, pursuant to the Offer, free from all liens, charges
and encumbrances and together with all rights attached thereto, including the rights to all
dividend or other distributions hereinafter declared, made or paid.
f) The Offer is not conditional on any minimum level of acceptances and the Acquirer will be
obliged to acquire all the equity shares tendered in response to the Offer, subject to a maximum
of 12,01,640 equity shares that are tendered in the valid form in terms of this Offer subject to
the terms and conditions mentioned in this PA and the Letter of Offer to be mailed to the
shareholders of JRL.
g) Saffron Capital Advisors Private Limited, Manager to the Offer, does not hold any shares of JRL
as on the date of the Public Announcement.
h) There has been no competitive bid as on date.
2.3 Objects of the Acquisition /Offer
a) The Acquirer having purchased the majority shares of the company proposes to take over
management control of JRL. This Offer of 20% of the Paid up Share Capital, i.e. 12,01,640
shares of JRL is made in terms of Regulations 10 & 12 of the SEBI (SAST) Regulations.
b) The Acquirer intends to use this listed vehicle to focus on the construction business of
mass/affordable housing, repair and redevelopment of buildings and development and
construction of colonies in district places, and projects where the capital requirement is low.
3. BACKGROUND OF MR. BHAVIN SONI (“THE ACQUIRER”)
a) Mr. Bhavin Soni, aged 27 years, is a resident of 402, Prime Beach, Gandhi Gram Road, near
ISKCON Temple, Juhu, Vile Parle (West), Mumbai – 400 049; Telefax No. +91 22 6702 1550.
He is a Commerce graduate from Mumbai University.
b) He has an overall experience of more than 6 years in Real Estate Development. He is on the
Board of Directors of Joy Home Creation Limited, Joy Aman Home Creations Private Limited
and Money Anchor Financial Services Private Limited.
c) The Net Worth of Mr. Bhavin Soni as on December 31, 2008, is Rs. 2,51,77,170 (Rupees Two
Crores Fifty One Lacs Seventy Seven Thousand One Hundred Seventy only). The same is
certified by Mr. Naresh Sheth, proprietor of M/s. N.K. Sheth & Company, Chartered Accountants,
Membership No. 33698, Address:- 4, Mulji Bldg., 64-B, Tejpal Road, Opp. Parle Gluco Factory,
Vile Parle (East), Mumbai – 400 057 Tel No. + 91 22 2616 6512, 2611 5777; Fax No. + 91 22
2616 6447, vide their certificate dated January 29, 2009.
d) The Acquirer has complied with the applicable provisions of Chapter II of SEBI (SAST)
Regulations.
e) As on the date of this PA neither the Acquirer nor any of his representatives except Mr. Pritesh
Champaklal Haria is on the Board of the Target Company. However Mr. Pritesh Champaklal
Haria has undertaken that he shall recuse himself and shall not participate in any matter(s)
concerning or relating to the offer including any preparatory steps leading to the offer.
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